SAMA issues rules for e-wallets

Logo of The Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) issued the “E-Wallets Rules" as part of its supervisory and regulatory role over the Electronic Money Institutions (EMIs).

This decision reflects SAMA's continuous efforts to develop the financial sector and empower the EMIs, the central bank said in a statement.

The rules set the relevant regulatory requirements that licensed EMIs must comply with to protect market participants and support EMIs in providing services that enhance the sector's safety and stability.

They included provisions and obligations related to requirements for opening electronic wallets, verification of clients' identities, and considerations for classifying and managing inactive wallets.

SAMA had previously published the E-Wallets Rules, seeking comments and feedback from the public and experts to achieve transparency and public participation.

Comments and feedback were studied and considered in the final version of the rules, the statement added.